Bipartisan legislation that creates a federal oversight board to prevent Puerto Rico from falling into an economic abyss may have the added benefit of putting some distance between congressional Republicans and Donald Trump, their party's presumptive presidential nominee, whose mercurial outbursts attacking immigrants repulse many Latin American citizens, according to an editorial today from
Puerto Rico in Distress
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ABI Analysis
ABI will be holding a media webinar today at 1:30 p.m. ET featuring Professor Stephen Lubben discussing the Supreme Court’s ruling in Puerto Rico v. Franklin California Tax-Free Trust with ABI Editor-at-Large Bill Rochelle. There are still some limited slots available for ABI members to listen and participate on the webinar.
Majority Leader Mitch McConnell (R-Ky.) said that the Senate will consider a rescue package to ease Puerto Rico's financial crisis before the U.S. territory's $2 billion payment to creditors is due July 1, the Associated Press reported today. The House overwhelmingly passed legislation to create a new control board and restructure some of Puerto Rico's $70 billion debt last week.
The U.S. Supreme Court ruled that Puerto Rico cannot adopt its own legislation to restructure its crushing debt burden because of a 1984 federal bankruptcy provision that bars the commonwealth from using chapter 9, The Washington Post reported yesterday.
Other Resources
The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.